Friday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 102.75 +4.0 basis points. 

• China Sovereign CDS 62.25 +3.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.73 -.07%. 
• Bloomberg Global Risk-On/Risk Off Index 4,198.0 -55.0 points.
• Volatility Index(VIX) futures 24.7 -1.3%.
• Euro Stoxx 50 futures +.03%.

• S&P 500 futures +.30%.

• NASDAQ 100 futures +.33%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for March is estimated to fall to 490K versus 678K in Feb.
• The Unemployment Rate for March is estimated to fall to 3.7% versus 3.8% in Feb.
• Average Hourly Earnings MoM for March is estimated to rise +.4% versus unch. in Feb.
  

10:00 am EST

• Construction Spending MoM for Feb. is estimated to rise +1.0% versus a +1.3% gain in Jan.
• ISM Manufacturing for March is estimated to rise to 59.0 versus 58.6 in Feb.
• ISM Prices Paid for March is estimated to rise to 80.0 versus 75.6 in Feb.
  

Afternoon:

• Wards Total Vehicle Sales for March is estimated to fall to 13.45M versus 14.07M in Feb.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Manufacturing PMI report, Eurozone PMI report and the (NVST) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.